What Are The Benefits of Owning A Practice?

Owning a Practice has many advantages: job security, a sense of autonomy, salary (or your draw) and corporate income (if incorporated) or your profit after you’ve paid yourself. Of course another benefit of ownership is that you can "sell" at which time you will receive the difference between your purchase price and the selling price i.e. the after tax sale proceeds. Hopefully you will realize a substantial profit. Buying a practice is a major decision, hopefully you will base that decision on more than hope and a prayer. Do you know how to read financial statements? Do you know what a cash flow projection is? Do you know the difference between servicing the loan, paying the overhead and providing yourself with a resonable salary? Stay tuned...